New York, United States , July 19, 2024 (GLOBE NEWSWIRE) -- The Global Electric Power Steering System (EPS) Market Size is to Grow from USD 23.8 Billion in 2023 to USD 39.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.22% during the projected period.
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Electric power steering (EPS), a sophisticated steering technology that assists with steering, an electric motor replaces outdated hydraulic systems to provide the driver more control over the vehicle. EPS systems do not require a hydraulic pump, which results in higher fuel economy. Driving with EPS is smoother and more responsive as the electric motor modifies its assistance based on steering input. Some vehicle types for which EPS is frequently used include buses, lorries, SUVs, and passenger cars. Electric power steering systems are becoming more and more popular due to their adaptability and effectiveness, which make driving more pleasurable and fuel-efficient. In an era of technological advancements in the automotive industry, the integration of EPS technology stands out as a revolutionary force. The need for cars with cutting-edge features and improved performance is driving this demand, as is the car industry's commitment to giving customers a driving experience that goes above and beyond accepted standards. However, potential barriers to industry growth include the lack of steering feel and the higher cost of EPS compared to standard steering systems.
Browse key industry insights spread across 220 pages with 105 Market data tables and figures & charts from the "Global Electric Power Steering System (EPS) Market Size, Share, and COVID-19 Impact Analysis, By Type (Column Assist Type (C-EPS), Pinion Assist Type (P-EPS), Rack Assist Type (R-EPS)), By Component (Steering Gear, Electric Motor, ECU, Sensors, Steering Column), By Vehicle Type (Passenger Vehicles, Light Commercial Vehicles, Heavy Commercial Vehicles, Off-Road Vehicles, Sport Utility Vehicle), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The column assist type (C-EPS) segment is anticipated to hold the greatest share of the global electric power steering system (EPS) market during the projected timeframe.
Based on the type, the global electric power steering system (EPS) market is divided into column assist type (C-EPS), pinion assist type (P-EPS), and rack assist type (R-EPS). Among these, the column assist type (C-EPS) segment is anticipated to hold the greatest share of the global electric power steering system (EPS) market during the projected timeframe. Column assist type electric power steering is predicted to dominate the market due to its compact size and seamless integration, allowing manufacturers greater creative and architectural freedom.
The sensors segment is anticipated to hold the largest share of the global electric power steering system (EPS) market during the projected timeframe.
Based on the components, the global electric power steering system (EPS) market is divided into steering gear, electric motors, electronic control units, sensors, steering columns, and others. Among these, the sensors segment is anticipated to hold the largest share of the global electric power steering system (EPS) market during the projected timeframe. The sensors industry is expected to dominate the electric power steering market since sensors are necessary to preserve steering systems' accuracy, responsiveness, and flexibility. Sensors comprise the sensory basis of EPS, with torque and position sensors being particularly important.
The passenger vehicles segment is predicted to hold the greatest share of the electric power steering system (EPS) market during the estimated period.
Based on the vehicle type, the global electric power steering system (EPS) market is divided into passenger vehicles, light commercial vehicles, heavy commercial vehicles, off-road vehicles, and sport utility vehicle. Among these, the passenger vehicles segment is predicted to hold the greatest share of the electric power steering system (EPS) market during the estimated period. Research has indicated that electric power steering systems are particularly beneficial for passenger automobiles, which include a variety of sub-segments such as compacts, sedans, SUVs, and luxury cars. Automobile manufacturers are prioritizing the installation of EPS in passenger cars due to the increased demand from customers for cutting-edge technologies and improved driving experiences.
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Asia Pacific is expected to hold the largest share of the global electric power steering system (EPS) market over the forecast period.
Asia Pacific is expected to hold the largest share of the global electric power steering system (EPS) market over the forecast period. Strong automotive manufacturing development, rising disposable incomes, and proactive government support for electric car infrastructure are driving increasing demand in this region. The need for electric power steering systems is rising in this region due to the growing development of automobile production. The usage of EPS is spreading with the production of new cars in order to enhance driving and meet the ever-evolving expectations of customers in this dynamic market.
North America is predicted to grow at the fastest pace in the global electric power steering system (EPS) market during the projected timeframe. The primary driving forces for EPS adoption in North America are the emphasis on vehicle safety, responsive steering for larger cars like trucks and SUVs, and integration with the rapidly developing field of autonomous driving technology. An important factor in the introduction of electric power steering systems in North America has been the need to increase vehicle safety.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the JTEKT Corporation, SHOWA Corporation, Thyssenkrupp Presta AG, Mando Corporation, Hyundai Mobis, Zhuzhou Elite Electro-Mechanical Co. Ltd., Robert Bosch Automotive Steering GmbH, Mitsubishi Electric Corporation, ZF Friedrichshafen Group, Nexteer Automotive, NSK Global, and Others.
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Recent Developments
- In January 2023, Bosch Power Tools India, a major power tool provider to the construction, metalworking, and woodworking industries, added the GWS 800 Professional to their remarkable lineup of angle grinders. Also, as a result of this introduction, Bosch Power Tools will have 55% of its products localized in India by 2023.
- In November 2022, NEXTEER won the SAA's mobility innovation award for its creative ideas that make it possible for new business models.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global electric power steering system (EPS) market based on the below-mentioned segments:
Global Electric Power Steering System (EPS) Market, By Type
- Column Assist Type (C-EPS)
- Pinion Assist Type (P-EPS)
- Rack Assist Type (R-EPS)
Global Electric Power Steering System (EPS) Market, By Component
- Steering Gear
- Electric Motor
- Electronic Control Unit (ECU)
- Sensors
- Steering Column
- Others
Global Electric Power Steering System (EPS) Market, By Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Off-Road Vehicles
- Sport Utility Vehicle
Global Electric Power Steering System (EPS) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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